UAE property market exhibited a vibrant performance from the 17th to the 21st of July 2023. The momentum is palpable with the property market in Dubai soaring by a remarkable 37% and new launches capturing investor interest. Add to this a 137% surge in the construction sector, and it's clear that the UAE's real estate landscape is buzzing with activity. Let's dive deeper into these exciting developments below.
Dubai real estate sector experienced a significant surge in Q2 2023 with a growth rate of 37% reported by Khaleej Times. This robust growth largely attributes to an influx of ultra-wealthy investors seeking high-end properties in the city. The report emphasizes international investors prefer Dubai because of its strategic location, world-class infrastructure, and investor-friendly policies. The city's real estate market buoyed by the global economic recovery and the easing of travel restrictions facilitated transactions. The report highlights the resilience of Dubai's real estate market noting its ability to draw substantial foreign investment despite the global economic challenges.
Further Details: https://www.khaleejtimes.com/business/dubai-realty-posts-37-q2-growth-as-ultra-rich-rush-in
Azizi Developments, a prominent real estate company in Dubai successfully sold 70% of the units in the latest community development project. The project located in an undisclosed area of Dubai garnered significant buyer interest resulting in a remarkable sales achievement for Azizi Developments. Besides, the company's sales success stems from its reputation for delivering high-quality properties and meeting market demands. With 70% of units already sold, Azizi Developments demonstrates its ability to attract buyers and capitalize on the strong demand in the Dubai real estate sector. This positive outcome further solidifies Azizi Developments' position as a leading player in the Dubai property market and highlights the continued appeal of Dubai as a lucrative investment destination.
Further Details: https://www.zawya.com/en/business/real-estate/azizi-sells-70-of-units-in-dubai-community-development-vgr6hodb
Sobha Realty, a prominent luxury real estate developer in Dubai, recently announced the pre-launch of Sobha SeaHaven - Tower B at Dubai Harbour. This magnificent property offers mesmerizing iconic landmark views such as Palm Jumeirah, Burj Al Arab, and Ain Dubai. The tower's design is inspired by superyachts featuring a sail-like structure that redefines seaside living. The apartments, available in 1- and 2-bedroom configurations, boast elegant fixtures, custom-made millwork, and handcrafted cabinetry. The tower allows residents to indulge in breathtaking city skyline vistas and mesmerizing sea views from the 10th to the 30th floor. The property also offers a range of world-class amenities, including a health club, gym, cinema, and pool. Besides, a luxurious villa with 6 bedrooms and 7 bathrooms is available for sale. Interested buyers can take advantage of a flexible payment plan with 80% payable during the construction phase and the remaining 20% upon handover.
Further Details: https://www.arabianbusiness.com/industries/real-estate/sobha-realty-pre-launches-new-tower-in-dubai-harbour
According to a recent report, the construction sector in the UAE announced a staggering 135% increase in projects solidifying its position as a global construction hub. The project announcements for the year total Dh49.25 billion, a substantial rise from the previous year's Dh21 billion. This remarkable growth demonstrates the country's resilience and reaffirms its attractiveness to investors. The construction industry in UAE is expected to recover robustly over the next five years with an expected growth rate of 3.7%. The leading sub-sectors driving this growth include utilities and energy projects, transportation and road infrastructure projects, and the real estate sector. The UAE's commitment to sustainable energy is evident with a 46.7% year-over-year growth in the GCC Energy Index. The surge in real estate prices has fueled interest in new construction ventures. Overall, the construction sector in the UAE offers a promising landscape for both local and international players in the industry.
Further Details: https://www.propertynews.ae/uae/in-the-uae-the-construction-sector-announces-a-whopping-135-increase-in-projects/
European property developers capitalize on the thriving real estate market in Dubai with investors from the UK, Italy, Turkey, and France leading the charge. Swiss firm DHG Properties and European developer Revolution are among the latest entrants, drawn by strong off-plan property sales set to exceed Dh300 billion this year. In June 2023, Dubai's real estate market hit a 10-year high with Dh30.41 billion worth of transactions, a 17.78% increase from June 2022. R.evolution has launched its first residential project, Eywa, on Dubai Water Canal, while DHG Properties is developing Helvetia Residences in Jumeirah Village Circle. The robust market performance and high investment returns attract global investors, outpacing those from South Asia and the Gulf.
Further Details: https://www.khaleejtimes.com/business/realty/dubai-after-investors-high-returns-in-real-estate-market-attracts-european-property-developers
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